Can a Non-HNW individual obtain any value from a LIRP?

[LostDollar]

I really don't know what I am asking here.

Elsewhere on the site there is discussion of at least one of David McKnight's books.

One of his ideas seems to center around a product called LIRP.

I am attempting to understand if this is a concept that could have any use for a non-HNW person, ie would it be worth my time and effort to learn something about it and attempt to use it, or is it something that would probably not have any particular benefit for me?

Thanks.

LD

 

[Allen Trent]

No such product called LIRP from any carriers & no such thing in the IRS codes called a LIRP

LIRP is merely a concept or sales strategy term used by some to give permanent life insurance a cooler sounding name. Basically, designed to maximize cash accumulation inside the policy by overfunding it. Some people like to use the LIRP terminology to avoid calling it a life insurance policy. 30 years ago, some used terms like personal pension plan.

 

[LostDollar]

No such product called LIRP from any carriers & no such thing in the IRS codes called a LIRP

LIRP is merely a concept or sales strategy term used by some to give permanent life insurance a cooler sounding name. Basically, designed to maximize cash accumulation inside the policy by overfunding it. Some people like to use the LIRP terminology to avoid calling it a life insurance policy. 30 years ago, some used terms like personal pension plan.

Hey!

As usual, I appreciate you taking the time to make a post for me. I think that tells me what I need to know about that idea for my own planning.

I have been exposed to some new (to me) ideas and just wanted to be sure I wasn't missing something I should be considering.